Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Consumer Lending in Saudi Arabia

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Executive Summary

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Consumer lending sees moderate growth despite economic challenges

After the global oil crisis began in 2014, the Saudi government had to find a quick and efficient solution to overcome the economic turmoil. As a result, Saudi Vision 2030 was announced in April 2016, which aims to decrease the country’s reliance on the oil sector; one of its significant actions is Saudization.

Approval of the Financial Sector Development Program

The Council of Economic and Development Affairs (CEDA) approved the Financial Sector Development Program, which is one of the most important objectives of Saudi Vision 2030. The programme’s aim is to improve the financial activities undertaken in the Kingdom with three main pillars.

Women to become an attractive target segment for auto loans

The lifting of the ban on women driving has opened up a new consumer segment for players across various service sectors. With both immediate and long-term impacts of women driving, the economy is set to benefit, with the creation of new jobs and the increased participation of women in the workforce and active participation in society.

Digitilisation to make services convenient and accessible

The financial services industry in Saudi Arabia continues to acquire advanced technology in digital banking. In 2018, the Capital Market Authority (CMA) provided the first two financial technology “fintech” licences to Riyadh-based start-ups Manafa Capital and Scopeer to provide crowdfunding investment services on a trial basis, which will support the Saudi economy and reduce the reliance on the oil industry.

The banking industry eyes opportunities in economic reforms over the long-term

It is expected that oil prices will pick up over the forecast period, leading to the improvement of the financial services industry in Saudi Arabia. The Saudi government’s aim to fulfil all the goals of Saudi Vision 2030 and the modified mortgage regulations will enable Saudi Arabia to increase its home ownership towards 2030.

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